MGM Resorts International (NYSE:MGM) Holdings Lowered by Raymond James & Associates

Raymond James & Associates trimmed its stake in shares of MGM Resorts International (NYSE:MGM – Get Rating) by 3.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 167,761 shares of the company’s stock after selling 5,635 shares during the quarter. Raymond James & Associates’ holdings in MGM Resorts International were worth $5,625,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGM. McElhenny Sheffield Capital Management LLC acquired a new position in shares of MGM Resorts International during the 4th quarter valued at $34,000. Tobam acquired a new position in shares of MGM Resorts International during the 4th quarter valued at $34,000. Accurate Wealth Management LLC acquired a new position in shares of MGM Resorts International in the 4th quarter worth approximately $40,000. Neo Ivy Capital Management acquired a new position in shares of MGM Resorts International in the 3rd quarter worth approximately $42,000. Finally, RFP Financial Group LLC acquired a new position in shares of MGM Resorts International in the 4th quarter worth approximately $49,000. 82.77% of the stock is currently owned by institutional investors.

MGM Resorts International Price Performance

NYSE MGM opened at $42.48 on Monday. MGM Resorts International has a 52-week low of $26.41 and a 52-week high of $46.37. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.19 and a quick ratio of 2.15. The firm has a market capitalization of $15.45 billion, a price-to-earnings ratio of 9.08 and a beta of 2.06. The company has a 50 day simple moving average of $43.08 and a 200-day simple moving average of $40.19.

MGM Resorts International (NYSE:MGM – Get Rating) last posted its quarterly earnings results on Monday, May 1st. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.40. MGM Resorts International had a net margin of 13.84% and a negative return on equity of 1.33%. The business had revenue of $3.90 billion for the quarter, compared to the consensus estimate of $3.61 billion. During the same period in the prior year, the business posted $0.01 earnings per share. MGM Resorts International’s revenue for the quarter was up 36.6% compared to the same quarter last year. Equities research analysts predict that MGM Resorts International will post 1.89 earnings per share for the current fiscal year.

MGM Resorts International declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 8th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 12.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at MGM Resorts International

In related news, COO Corey Ian Sanders sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $44.42, for a total value of $2,221,000.00. Following the completion of the sale, the chief operating officer now owns 161,632 shares of the company’s stock, valued at approximately $7,179,693.44. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, COO Corey Ian Sanders sold 50,000 shares of MGM Resorts International stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $44.42, for a total value of $2,221,000.00. Following the completion of the sale, the chief operating officer now owns 161,632 shares of the company’s stock, valued at approximately $7,179,693.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Rose Mckinney-James sold 2,870 shares of MGM Resorts International stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $43.23, for a total transaction of $124,070.10. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. TheStreet raised shares of MGM Resorts International from a “c+” rating to a “b-” rating in a research note on Thursday, April 6th. JMP Securities reiterated a “market outperform” rating and set a $60.00 price objective on shares of MGM Resorts International in a research report on Monday, April 17th. Susquehanna increased their price objective on MGM Resorts International from $38.00 to $51.00 in a research report on Wednesday, May 3rd. StockNews.com started coverage on MGM Resorts International in a research report on Thursday. They set a “buy” rating for the company. Finally, Morgan Stanley raised their target price on shares of MGM Resorts International from $40.00 to $43.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 1st. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.13.

About MGM Resorts International

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MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.